A mostly accessible survey of the financial scene. Readers take note: Buy gold, land and art—and hunker down.
Behind Door No. 1 is inflation. Behind Door No. 2 is deflation. Neither is pretty—however, assures financial counselor and intelligence adviser Rickards (Currency Wars: The Making of the Next Global Crisis, 2011), one or the other lies in our path.
The thought that the world’s economic systems are doomed to collapse anytime soon might be dismissed as the stuff of the tinfoil-hat crowd. Quickly entering into the realm not of paranoia but of fiscal wonkiness, Rickards examines the many ways this might come about—through financial cyberterrorism, for instance, or simply the unwieldiness of banks too big to fail but that surely will. “Large banks are not necessary to global finance,” he writes, and particularly dangerous to the health of the world economy is their flourishing trade in derivatives, which “serve practically no purpose save to enrich bankers through opaque pricing and to deceive investors through off-the-balance-sheet accounting.” On the matter of off-the-sheet calculations, Rickards notes that the common excuse—that times may be tough but at least we don’t have inflation—is a smoke screen: Allowing for “alternative methods” of accounting, real inflation is probably 9 percent annually, gauged by the prices of milk, bread and other inelastic goods. Rickards rides an old hobbyhorse of fiscal conservatives, namely, the tragedy of our abandonment of the gold standard (under Richard Nixon, of all presidents) and the desirability of readopting it—and real gold at that, and not its derivatives. Though the collapse he foretells will induce chaos, he assures his readers that it is not necessarily inevitable, though avoiding it is unlikely. As he writes in a rare moment of drama, “as the dollar’s 9/11 moment approaches, the system is blinking red.”
A mostly accessible survey of the financial scene. Readers take note: Buy gold, land and art—and hunker down.Pub Date: April 8, 2014
ISBN: 978-1-59184-670-3
Page Count: 368
Publisher: Portfolio
Review Posted Online: March 17, 2014
Kirkus Reviews Issue: April 1, 2014
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.
A helpful guide to working effectively with people from other cultures.
“The sad truth is that the vast majority of managers who conduct business internationally have little understanding about how culture is impacting their work,” writes Meyer, a professor at INSEAD, an international business school. Yet they face a wider array of work styles than ever before in dealing with clients, suppliers and colleagues from around the world. When is it best to speak or stay quiet? What is the role of the leader in the room? When working with foreign business people, failing to take cultural differences into account can lead to frustration, misunderstanding or worse. Based on research and her experiences teaching cross-cultural behaviors to executive students, the author examines a handful of key areas. Among others, they include communicating (Anglo-Saxons are explicit; Asians communicate implicitly, requiring listeners to read between the lines), developing a sense of trust (Brazilians do it over long lunches), and decision-making (Germans rely on consensus, Americans on one decider). In each area, the author provides a “culture map scale” that positions behaviors in more than 20 countries along a continuum, allowing readers to anticipate the preferences of individuals from a particular country: Do they like direct or indirect negative feedback? Are they rigid or flexible regarding deadlines? Do they favor verbal or written commitments? And so on. Meyer discusses managers who have faced perplexing situations, such as knowledgeable team members who fail to speak up in meetings or Indians who offer a puzzling half-shake, half-nod of the head. Cultural differences—not personality quirks—are the motivating factors behind many behavioral styles. Depending on our cultures, we understand the world in a particular way, find certain arguments persuasive or lacking merit, and consider some ways of making decisions or measuring time natural and others quite strange.
These are not hard and fast rules, but Meyer delivers important reading for those engaged in international business.Pub Date: May 27, 2014
ISBN: 978-1-61039-250-1
Page Count: 288
Publisher: PublicAffairs
Review Posted Online: April 15, 2014
Kirkus Reviews Issue: May 1, 2014
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.
“Quality of life means more than just consumption”: Two MIT economists urge that a smarter, more politically aware economics be brought to bear on social issues.
It’s no secret, write Banerjee and Duflo (co-authors: Poor Economics: A Radical Rethinking of the Way To Fight Global Poverty, 2011), that “we seem to have fallen on hard times.” Immigration, trade, inequality, and taxation problems present themselves daily, and they seem to be intractable. Economics can be put to use in figuring out these big-issue questions. Data can be adduced, for example, to answer the question of whether immigration tends to suppress wages. The answer: “There is no evidence low-skilled migration to rich countries drives wage and employment down for the natives.” In fact, it opens up opportunities for those natives by freeing them to look for better work. The problem becomes thornier when it comes to the matter of free trade; as the authors observe, “left-behind people live in left-behind places,” which explains why regional poverty descended on Appalachia when so many manufacturing jobs left for China in the age of globalism, leaving behind not just left-behind people but also people ripe for exploitation by nationalist politicians. The authors add, interestingly, that the same thing occurred in parts of Germany, Spain, and Norway that fell victim to the “China shock.” In what they call a “slightly technical aside,” they build a case for addressing trade issues not with trade wars but with consumption taxes: “It makes no sense to ask agricultural workers to lose their jobs just so steelworkers can keep theirs, which is what tariffs accomplish.” Policymakers might want to consider such counsel, especially when it is coupled with the observation that free trade benefits workers in poor countries but punishes workers in rich ones.
Occasionally wonky but overall a good case for how the dismal science can make the world less—well, dismal.Pub Date: Nov. 12, 2019
ISBN: 978-1-61039-950-0
Page Count: 432
Publisher: PublicAffairs
Review Posted Online: Aug. 28, 2019
Kirkus Reviews Issue: Sept. 15, 2019
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